Results 13,241-13,260 of 35,829 for speaker:Pearse Doherty

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: That is the re-introduction of bonus payments.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Let us strip the long-term incentive share options from the bonus, although it is the same thing. They are financial. I was on the banking inquiry and we all know what bankers did. They drove their staff to sell products and loans on the basis that their remuneration was tied to the amount of products sold. It was far from customer-centric. The staff should be financially rewarded...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: The Irish people are the biggest shareholder. I have not heard many of the Irish people say they want to bring in deferred annual share plans for the top executives of AIB. The minority shareholders might have that view but I believe the Irish people, who have 75% of the bank, have a different view. The proposal AIB announced in its plan last year was extremely presumptuous. What it...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Last year, AIB made a profit of €1.25 billion. What was the total paid in Irish corporation tax?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: In corporation tax?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: What was the British figure?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: The law was changed in 2015 to allow the bank to use 100% of its deferred tax assets. If those assets were used up, what would have been the tax liability of the bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Is the period less than 20 years?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: AIB operates is Britain. There is a bank levy in Britain.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: It is calculated differently but there is a bank levy in Britain. In Britain, there is a higher rate of corporation tax applied to financial institutions than to businesses because the authorities recognised the damage the financial institutions did to the wider economy. They are treated differently and more harshly in terms of corporation tax. The deferred tax assets cannot be carried...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: There is a levy there but banks have a higher rate of corporation tax than any other businesses. The authorities do not allow deferred tax assets to be carried forward. Almost uniquely, Ireland is one of the countries in the world that allows deferred tax assets to be carried forward forever at a rate of 100%. I acknowledge Ms Helen Dooley did not write the law, which was passed with the...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I am sure Ms Dooley has read the report commissioned by the Department of Finance. It stated that if we changed the law, to reflect a rate of 50% again, we would still be better off within a period of less than two years in terms of the amount of money we would get in tax, even accounting for a potential drop in the valuation of the shares the State holds within the banks. We are losing...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I appreciate that. I was not making a point; I really wanted to know the answer to the question. AIB had 583 properties in its possession at the end of last year and 45 buy-to-let properties on top of that. How many of them are vacant?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: What is the majority?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Have all the houses been offered to the Housing Agency?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: Fixed-asset receivers were mentioned in the opening statement. The bank appoints fixed-asset receivers. I questioned Permanent TSB representatives on this and they said they do not appoint fixed-asset receivers. They appoint rent receivers. Can the delegates give the rationale for AIB's approach? Can they tell us whether the 519 assigned to receivers at the end of 2019 are likely to be...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: If a buy-to-let customer is in arrears, which would mean a breach of contract, does the bank have the power to appoint a fixed-asset receiver without any further intervention? I realise this is not what the bank does. Mr. O'Keeffe has explained it works with those concerned and all the rest of it but it has the authority at that point to appoint a fixed-asset receiver because, technically,...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: With regard to the bank's sale of buy-to-let properties to vulture funds — up until the past two weeks, the bank was not selling private dwelling homes to them — the individuals concerned are in arrears of some magnitude. How concerned would the bank be if a vulture fund to which it sold loans, on the basis that an individual was in arrears, decided to execute its right to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: I am speaking about people who are making payments. There may be people who are not paying the bank any money and are not engaging. In regard to individuals who are making contributions to the bank, how concerned would the bank be if a vulture fund, as a policy option, offered a person in arrears 30 days to clear those arrears and where the arrears were not cleared the fund appointed a...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach: Matters Relating to the Banking Sector: Allied Irish Banks (11 Apr 2019)

Pearse Doherty: The Central Bank is engaging with a vulture fund on the basis of information that I have provided it with in relation to what I am speaking about. The problem is that once the banks offload their loans to the vulture funds, the banks have no idea what way the vulture funds are going to treat customers that were loyal to the banks for many years. The reality is these vulture funds have the...